Saudis Expand Price War Downstream
Green Car Congress
JULY 28, 2015
In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. The crude is so cheap it’s pretty much free for them, the margins are going to be massive. We see refining margins weakening on worsening diesel fundamentals, particularly east of Suez, though gasoline should be supportive.
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